Trading for Beginners: First Steps and Popular Cryptocurrency Exchanges Overview

Everyone who decided to become a trader worries about the security of their cryptocurrency transactions and about the commission fees for the exchange. Cryptocurrency exchanges are virtual platforms where it is possible to make the exchange. Cryptocurrency exchanges work pretty simple, however you should still complete several steps to get started:

Step 1. Registration.

Usually the registration is pretty much the same as on other websites.

Step 2. Deposit of capital for trading or exchange

Usually it is not necessary to pay commission in order to deposit cryptocurrency but it probably can be necessary in order to deposit fiat money. Sometimes commision fees can reach up to 8%, however, usually they do not exceed 1-5%.

Step 3. Creation of an application on currency operations

Traders can fix the price they want for buying or selling cryptocurrency by themselves. Then they should put their application in the common list. If this price is Okay for another user the deal is made. If the price does not correspond to market prices then nobody will probably buy the cryptocurrency. If the deal is made successfully then a user can withdraw the capital from the exchange house or leave it in the exchange wallet for carrying out future operations.

It happens that the servers of a particular exchange or the accounts of users are hacked that’s why it is not recommended storing big amount of money and the money that you do not need for trading.

Now let’s look at TOP-5 popular virtual currency exchanges that ensure high security and have a large number of daily operations.

According to Coinhills, Bittrex became the best cryptocurrency exchange considering the daily turnover as of December, 2017. Around 14% of all cryptocurrency deals are made there each day. The platform is under the US jurisdiction and works both with popular cryptocurrency trading pairs (Bitcoin, Ethereum) and many promising digital coins (more that 190).

Binance became one of the most promising startups of 2017. This exchange was registered in April, 2017 and less than in six month its capitalisation reached 1 billion. In December, 2017 its daily turnover for a year provided the platform with the second place as transactions for more than 6 billion dollars were conducted through its service. In December 2017 the headquarters of the company decided to suspend registration of new users. The service couldn’t manage the processing of the increased number of new applications.

Bitfinex is a cryptocurrency exchange from Hong Kong that hosts around 50 world`s top digital assets. In December 2017, Bitfinex came third in terms of trading volume, becoming one of the biggest players on the cryptocurrency market. Increased attention from traders led to the closure of registration of new accounts for a certain period. When all work is completed, the site will return to normal operation mode.

EXMO deals with 46 cryptocurrencies that can be exchanged or converted in fiat money. An average trade turnover is 8100 BTC in a month and 2000 new users are registered on EXMO daily. EXMO plans to develop and launch a system for margin lending, increase the quantity of trade assets, add new tools for using fiat money and get a place among the leading crypto exchanges of the world.

YObit.net appeared in the year 2014. In December, 2017 this exchange proved its reliability and safety having fought out an information fuss that appeared after a south korean exchange YObit announced its bankruptcy. The two digital exchanges apparently have similar names and some users funneled their assets out of YObit.net and started using other platforms falsely assuming that the exchange has problems. Anyway, the question was off the table in January, 2018 and YObit.net platform is running smoothly. The exchange provides services for approximately 5 million users per month.

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As it has been reported by the Marketwatch, Erik Finman, a teenager who became a millionaire back in the times when Bitcoin cost 20 thousand dollars, gave a very negative outlook for BTC in the future.

“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead,” said Finman.

As for Litecoin, here the teenager is sure that this coin “has been dead for a while”. He also mentioned those coins that, in his opinion, still have a chance at the market, such as Ethereum, ZCash and, surprisingly, Bitcoin Cash.

Although Eric is still very young and not that experienced, the fact that he owned 4 million dollars in BTC in 2011 make his predictions quite reasonable.

According to the online platform Coingecko, Bitcoin (BTC) added 0.8% over the past 24 hours. The price at the time of writing is $3266 per coin.

The rest of cryptocurrencies tend to fix in the green zone:Bitcoin Cash added 1.98% over the past 24 hours and costs $81 per coin;Ripple lost 0.03% and is $0.29 in value;EOS grew by 2.62%, and its price is $2.01;Litecoin increased by 6.03%, and its cost is $27;Cardano added 1.47%, and its rate is $0.029;Stellar grew by 0.10% and costs $0.097;IOTA dropped by 1.05%, and its cost is $0.24;Dash lost 1.32%, and its price is $64;Monero became more expensive by 1.21% and costs $41.

Over the past 24 hours, Ethereum added 0.49%. The coin rate is $87, according to Coin 360.

The total market capitalization of $104 billion. The share of Bitcoin is 54.8% of the total volume. In monetary terms, this is $57 billion.

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Now it is hard to find a person who has never heard of Bitcoin’s existence. But the vast majority of people do not fully understand what it is and how it really looks like. In this article we will discuss the true appearance of Bitcoin, and also find out whether BTC can have physical form.

1. What does Bitcoin look like?

We briefly remind that Bitcoin is the very first cryptocurrency in the world, it was launched in January 2009. This is the first decentralized payment system in the world, in which interaction takes place exclusively between users, and does not require regulation by intermediaries. It works with the help of blockchain technology, which guarantees security of transactions.

The Bitcoin network is a chain of blocks, which store information about every coin transfer in the entire history. Each block has timestamps as well as encrypted information about the previous block. This data is stored on every miner`s computer all at the same time, thus it is impossible to change anything in the registry. So, basically, Bitcoin is just a record in blockchain.

2. Is there a Bitcoin in physical form

It is very difficult for the vast majority of people to imagine something that does not exist in the real world. Some enthusiasts have begun issuing physical Bitcoins for this reason. What is it? The actual Bitcoin coins appear in the form of physical wallets. They are intended for safe storage of coins, as well as for offline payments. There is a wallet`s address that can be found on a coin, which is publicly available, as well as a private key, which is hidden by special hologram.

Source: https://www.coindesk.com/

The first physical coins were issued in 2011, produced by Mike Caldwell. The circulation was 3500 pieces, it is worth saying that the author mined those digital assets by himself. These coins were sold out very quickly, so in 2013, Caldwell released the next generation of physical bitcoins, which had new design.

3. What are the prospects for Bitcoin?

The first digital coin in history keeps leading position for almost 10 years and remains a powerhouse for the entire industry. The very first exchange rate of the coin was 1 dollar for 1.309.03 BTC. We remind that the coin’s rate in December last year was above $20,000, and then started falling down. Bitcoin costs about $3,300 now (according to CoinMarketCap).

No doubts, it is the biggest asset value increase in the history of mankind. Many cryptocurrency experts predict a great future for Bitcoin. Coin emission is limited, mining complexity increases every year, and users base is growing. All these factors will certainly have a positive effect on the cost of the asset in the future.

Bitcoin has one big problem that slows down its development – a small bandwidth. The network is able to perform only 7 operations per second. This It means that the more people will use the system, the longer it will take to wait for transactions confirmation takes to wait for. Sometimes it can take hours or even days.

4. Conclusion

Many people wonder: “How does 1 Bitcoin looks like?” In general, BTC does not exist in physical form, it is just a set of data stored in the blockchain. But the enthusiasts created physical analogs of coins, mostly for collectors. They are physical wallets, made in the form of coins. Bitcoin`s future is not fully defined yet, but the majority of experts believe that the peak of its popularity is still ahead.

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The money is the most genius invention of mankind. During its long history, it has repeatedly changed its conceptual design. And each stage was accompanied by a qualitative leap in the development of human civilization. In this article we will talk in detail about money, its history and future prospects.

1. The main functions of money

The Money is fairly universal tool with the help of which you can perform many tasks.

Circulation tool. In turnover, money is a mediator. In order to effectively perform this function, money should be easy to deal with, and its transfer from one person to another should be fulfilled as soon as possible.

Payment tool.Each product has its own price, money allows to simplify the process of exchange of goods and services significantly.

Accumulation tool. Some of the unused funds can be accumulated for the future, but it is very important to diversify risks and not to keep money in one currency, because, in terms of inflation, its purchasing power in future may significantly decrease.

2. The origin of money and its evolution

The money origin is rooted to the times of primitive people. The development of money can be divided into several stages.

The first money.The money did not exist as such in human civilization at an early stage of its formation, at that time primitive people had barter. The first elementary monetary funds began to appear at the time of the division of labor. Different tribes used the various goods which were available to them as the money. For example, cocoa beans in Mexico, animal skins in Siberia, pearls in South America were used as currency, etc. Salt was another valuable resource.

Metal money. With the development of civilization, money acquires a metallic form. In the VII century B.C. the first coinage appeared. This format of monetary funds becomes very popular all over the world. The primary materials of which were gold, silver, copper and bronze. This type of money significantly increased the sales turnover between people and brought human civilization to a fundamentally new level. During this period begins the accumulation of large capitals.

Paper money. In 910 A.D, in China, the first paper money appeared. The appearance of banks marked the beginning of a new era of market relations. Banks have become major custodians of values. People handed them their money, and received paper certificates in return. This format have become so popular that over the time these certificates began to be considered as money, which we can observe nowadays.

Electronic money. A year of 1991 becomes a critical point in history, this is the year when the Internet begins to function. Banks actively pick up this technology and begin to use it after a couple of years. Digital money is much faster and more secure than paper analogues. They are still the most common type of monetary funds.

Bank cards. The world’s first plastic card was issued back in 1950, it was used in order to pay for dinner in certain restaurants. And only in two years after that, the first bank credit card was issued in the USA.

Digital coins. The history of cryptocurrencies begins in the end of 2008, it was the first time when people heard the word Bitcoin. The main feature of cryptocurrency is the lack of a single center that controls emissions and acts as an intermediary in the course of transactions, digital coins also can be mined, i.e., engaged in mining.

3. Prospects of cryptocurrencies

Some experts predict a total collapse of cryptocurrencies, other experts predict the world recognition and almost the transfer of all the wealth of mankind into blockchain. What does really awaits the cryptocurrency industry in the future? In fact, there is not a single person who will be able to predict its further development by 100%. We can only assume certain scenarios based on certain facts.

It should be noted that a very technological and a universal technology such as blockchain lies at the roots of cryptocurrencies. Potentially, it can be used in almost any field of activity.

Cryptocurrencies have altered the very essence of the money: no one controls them, they can not be banned or blocked.

Even against the background of the deep correction of 2018, large companies, funds and private investors are beginning to be interested in cryptocurrencies.

The governments of the largest countries are developing a legal framework for the market. This will allow to promote cryptocurrencies massively.

Along with that, the mass media is overloaded by bad news which is one of the reasons for the protracted correction. If you look at the cryptocurrency chart in longer term, you can clearly see the liquidity of cryptocurrency assets (20x growth), even taking into account their rollback from peak values by 70-90%.

Source: CoinMarketCap

4. Conclusion

Money is the greatest invention of mankind, they became the catalyst of the progress of human civilization. We are witnessing the formation of a new type of money such as digital coins. Only time will tell whether cryptocurrencies will be able to take a palm of victory and push out paper and electronic money. But it is worth noting that in the long run they have all the chances to do that.